Weekly Outlook

The bearish tendency last week on daily timeframe
was halted to the end of the week and price returned
to a neutral trend, inside the cloud. The bullishMACD cross
on Weekly timeframe adds resiliance to downward price action .
Next week important resistance stands at 1,11-1,1150 which
is the lower cloud, Monthly R1 and Yearly PP. This zone is
the confluence resistance and it will be hard to break it at a first
attempt. It may also be a good level to short the pair if
sell signals appear here. However, it looks like, from daily
timeframe, that price will continue to range for some time.
Support stands at 1,0815 Monthly PP, 1,0565 Monthly S1,
lower Bollinger Band and previous low.